Nigeria’s capital market will return to FTSE Russell’s Frontier Market classification from the open of trading on September 21, nearly three years after its exclusion.
The Finance Minister Taiwo Oyedele on Friday, welcomed the move via a post on X, describing it as “a meaningful signal to global capital that our market is open, orderly and improving.”
“The reclassification is an important validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development,” Oyedele said.
Nigeria was removed from the Frontier Market universe in September 2023 due to persistent difficulties with capital repatriation and foreign exchange execution.
FTSE Russell had initially approved the upgrade earlier this year but placed it under further review in June after Nigeria shifted to a T+1 settlement cycle.
The index provider later confirmed no material settlement or funding issues had arisen, clearing the path for the September 21 effective date.
Oyedele credited sustained gains in foreign exchange liquidity, capital repatriation and market accessibility.
These improvements reflect the cumulative impact of the government’s macroeconomic and structural reform programme, he said.
“We see this as a milestone, not a destination. Our ambition remains to build a capital market that is deep, liquid and competitive enough to earn Emerging Market status in the near term,” the minister added.
The Ministry praised the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group and other stakeholders for coordinated reforms.
Looking ahead, the government pledged to deepen liquidity, broaden participation and strengthen investor protections.
The reclassification is expected to improve visibility among global investors tracking Frontier Market indices.
